Description

Anything that’s beneficial for both your employees and your business has got to be a good thing, right?

So we’ve created this podcast to explore the possible benefits of your employees transferring their other pensions into The People’s Pension – and how we support them through the process.

If your employees have worked for several employers, it’s likely they’ll have several pensions on the go. Bringing these together could mean they’re better off – and it’ll make it easier for them to keep track of their money too.

Having all their pensions in one place means they’ll have just one annual management charge. For some employees, old style pensions have expensive running charges that can eat away at their savings over time.

Plus, your employees combining their pension savings with The People’s Pension could help reduce admin for you.

In this episode, we run through some benefits of your employees combining their pension savings and how the process works…

Transcript

Here’s the full podcast in writing – so you can read instead of, or as well as, listening…

This is the fourth in our series of five podcasts. This time we’ll talk about how employees can move their other pensions to The People’s Pension.

It’s a question that crops up regularly, so we’ll explain how it can be beneficial for them, and help reduce admin for you.

So how can your employees benefit from combining their existing pension savings?

It’s a question you may have already been asked by your employees, so I’ll explain how it can be beneficial for them, and could lead to less admin for you.

If your employees have worked for several employers, it’s likely they’ll have several pensions on the go. Bringing these together could mean they’re better off – and it’ll make it easier for them to keep track of their money too.

Having all their pensions in one place means they’ll have just one annual management charge. For some employees, old style pensions have expensive running charges that can eat away at their savings over time.

By putting all their pension savings into The People’s Pension, they’ll be paying one simple, cost-effective charge of just 0.5% a year. They’ll know exactly how much they’re paying in charges and how that impacts their pension savings.

As some schemes could have valuable benefits they could be giving up (such as Guaranteed Annuity Rates), we’d recommend that they take advice about what’s best for them.

They can also use their Online Account to keep track of how much they’re saving (and what it’s worth). It works much the same as an online bank account so they can use it to pay more into their pension pot and change where their money is invested too.

This reduces the need for them to contact you. And there’s no need for your business to get involved in the process. We manage the whole thing.

The employee simply completes an online form (not available for defined benefit schemes) to tell us that they want to move a pension to The People’s Pension.

We then get in touch with the pension company, ask them for the relevant forms and make sure the money is transferred. We’ll even send your employee a personal illustration, if they request it, to show how much is in their pension before it’s moved.

So, that’s the end of this podcast

Thanks for listening. We hope you’ve found it useful. We know you want to make sure your employees are supported, so look out for our next podcast, where we’ll talk about what happens as your employees approach retirement and where they can get guidance and advice.

Remember, you can find plenty more information on our website – www.thepeoplespension.co.uk. We have different sections aimed at employers and employees – both are full of useful information.

Plus, don’t forget that you can download most of our communications online – from our resource library and communications toolkit. There’s also our help and support section where we hope to answer any questions you may have.

Of course, if you have specific questions about your scheme and if you want to discuss how to transfer other schemes to The People’s Pension, please give us a call: